Label
CRAZalmaiSedige(5744Southwyck)
Department of Economic Development
B. Sehlhorst (x1692) C. Watkins (x1154)
Revised
Title
Approving a Community Reinvestment Area real property tax exemption for Zalmai Sedige, 4455 Secor Rd., Toledo, Ohio 43623, for the remodeling of an existing commercial facility into a multi-family residential unit, located at 5744 Southwyck Boulevard., Toledo, Ohio 43614, property in the Hawthorne Hills Community Reinvestment Area (HH); authorizing the execution of an agreement and other documents related thereto; making certain findings and determinations in connection therewith; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Ordinance No. 111-17, passed on April 18, 2017, Toledo City Council (the "Ordinance") created the "Hawthorn Hills (HH) Community Reinvestment Area" pursuant to Sections 3735.65 through 3735.70 of the Ohio Revised Code. This area was subsequently confirmed as Community Reinvestment Area No. 095-77000-170 by the Ohio Department of Development on May 18, 2017.
Zalmai Sedige (the "Owner") has submitted an application and agreement for a CRA real property tax exemption as prescribed by Ohio Revised Code Sections 3735.67 and 3725.671. The exemption is requested for the transformation of an approximately 15,072 sq. ft. existing commercial building into a 14-unit residential apartment complex. The estimated investment cost is $1,526,000 (the "Project").
This Project is in conformance with Toledo's Hawthorne Hills Community Reinvestment Area requirements as established by the above referenced ordinance. The Toledo Public School District has been notified pursuant to Ohio Revised Code Section 5709.83 of the granting of a one hundred percent (100%) twelve (12) year tax exemption. The Toledo Public School District Board has approved the terms of this CRA Agreement contingent on the passage of this Ordinance. This Ordinance is required to authorize a one hundred percent (100%) real prope...
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